BioPrime Agrisolutions, an ag-biotech startup, has raised ₹9 crore in pre-Series A round from Inflexor Ventures (a tech-focused venture capital fund) and its existing investor, Omnivore.
The company aims to utilise the funds for its ‘SNIPR Biologicals’ registrations, advancing the discovery platform, building a strong IP portfolio, increasing production capabilities, and expansion.
Founded by Renuka Karandikar, Amit Shinde and Shekhar Bhosle, BioPrime develops agri-biologicals that modulate the basic physiological responses in crops using small biomolecules. The statement said that these products improve crop resistance to insects/pests and help crops manage abiotic stress such as high temperature, excessive water and drought. These products are not chemical based, are residue-free, organic, and are less expensive than chemical-based fertilisers and pesticides; thereby reducing the overall farm input expenses, it said.
Making food nutritious
Quoting Renuka Karandikar, Chief Executive Officer of BioPrime Agrisolutions, the statement said: “BioPrime works to transform the way we grow crops making food more nutritious, and residue-free while restoring soil health using cutting-edge technologies and approaches, always keeping sustainability at our core. At BioPrime, we are focusing on discovering fundamental aspects of plant communication, developing novel biologicals based on trait-modifying microbes and physiology-modulating molecules.”
Pratip Mazumdar, Partner at Inflexor Ventures, said: “We believe that the stellar founding team of BioPrime is well equipped to solve the complex food security problem brought to the forefront by climate change. The IP-led, high-throughput biomolecule discovery platform will facilitate faster market access. Such a technology platform fits well with Inflexor’s investing thesis of backing impactful, pure science companies from the Indian deep tech ecosystem.”
Jinesh Shah, Partner at Omnivore Partners, said: “BioPrime is our first investment under the OmniX Bio initiative, which backs early-stage agrifood life science startups. We started OmniX Bio with the knowledge that innovations in agri-food life sciences can be the most effective weapon to combat climate change. BioPrime is an excellent example of an invention designed to improve human and planetary health alongside farmer incomes, and we are delighted to back them.”